20240331-国盛证券-煤炭开采行业研究简报_供应催化加速_油价偏强震荡_海运煤价淡季偏弱运行_12页_2mb

报告摘要

Global energy prices show volatility, with significant oil price increases due to Russia's decision to reduce production in Q2, leading to a supply cut of 350,000 barrels/day in April, and coal prices weakening in response to seasonal demand and sanctions.
Investment strategy remains positive on the coal sector, emphasizing "煤" companies like兖矿能源 (Arcoal) and平煤股份, with specific recommendations for others; no major risks are expected from previous factors, positioning the sector as an opportunity despite a bearish backdrop.
Key risks include unexpected energy supply surges, geopolitical tensions, and below-expected winter demand in Europe.

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